Q: Help me, I’m a business lending/MCA ISO that does little syndication. Can I just hire any random accountant or do I need someone with specialized understanding of the industry?

A: You can hire a random accountant. Who knows? If a random accountant is better than your current accountant than you know for sure that who you have is not who you want. This is especially important in the MCA world because of the many regulatory changes that this industry is going through.

Aside from regulation fluctuations there is also a cost benefit in hiring a professional who specializes in your area of expertise. A non-MCA accountant will have a steep learning curve which means more billable hours on your accountant’s invoices. This will cost you much more than hiring an accountant who is familiar with the industry.

Also, our accounting firm has witnessed a lot of accounting confusion in this industry. While working in the MCA industry first hand, we realized how little there was written about the accounting standards, even in the most general terms. We had to do our own research from the ground level up and really break apart the pieces to build an accounting module for our clients to follow.

This interview was done with Yoel Wagschal CPA and his staff accountant Christina Tharp. They can be reached at: